Vietnamese dong cross-border scam case busted, police arrest five suspects involved with $530,000

Vietnamese police recently successfully dismantled a cryptocurrency scam gang based in Cambodia in the Da Nang area, with 5 main suspects arrested. According to police statements, the case involves embezzled funds exceeding 14 billion VND (approximately $5.328 million USD), involving investors from multiple countries.

Carefully Designed Scam: Impersonating U.S. Exchanges

The criminals mimicked the name of the U.S. Nasdaq exchange to establish fake trading platforms to deceive investors. They used instant messaging tools like Telegram and Zalo to create dozens of fake accounts, disguising themselves as senior investment advisors and financial analysts. The scam gang recommended fake investment projects to victims, claiming high returns, and induced them to invest funds. Once the funds were received, they fabricated investment profits and displayed false account growth data to encourage victims to invest more.

Hidden Fund Transfer Paths: VND Laundered into Crypto Assets

Police investigations revealed that the embezzled 14 billion VND went through a complex transfer process to “whitewash” the funds. The money was first transferred into multiple bank accounts for dispersal, then exchanged into cryptocurrencies to cut off the traceability of the money chain. This multi-layered transfer method aims to conceal the source of funds and increase difficulty in recovering stolen assets.

Police Action and Case Insights

Vietnamese police used advanced tracking technology to successfully locate the scam gang’s telecommunications network and electronic devices. Law enforcement in Da Nang seized equipment that provided substantial criminal evidence. This case serves as a reminder to investors that they should remain vigilant when faced with high-return promises, exercise caution with unregulated crypto platforms, and avoid transferring funds to unknown accounts or investing through unverified channels.